Increasing number of surgical procedures all over the world, and increasing usage of intravenous therapy devices and equipment, is expected to fuel the demand of IV Therapy and Vein Access Devices Market over the forecast period.
NEWARK, Del, June 26, 2024 (GLOBE NEWSWIRE) — The IV therapy and vein access devices market is expected to reach USD 28.7 billion by 2024. From 2024 to 2034, revenue is expected to increase by 5.1% CAGR. By 2034, the market is estimated to be worth USD 47.3 billion. A new method of dressing and securing the device will help the patient avoid significant venous access failures. In these trials, new securement and dressing technologies are evaluated for their effectiveness in preventing central venous catheter admission to failure. Care for vein access devices is crucial, especially for patients undergoing long-term IV therapy.
Aside from hygiene and troubleshooting instructions, there are also signs of infection or malfunctions to look out for IV therapy, also known as intravenous therapy, involves injecting fluids, medications, or vitamins directly into the bloodstream. It is commonly used in a variety of healthcare settings, including hospitals, clinics, and household settings. The use of vein access devices (VADs) facilitates the management of intravenous therapy. In IV therapy, peripheral IVs are among the most common VADs. Their simplicity, cost, and ability to treat short-term conditions make them a good option. It is, however, necessary to replace them frequently to prevent headaches, infiltration, and phlebitis
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IV therapy, particularly IV nutrition therapy, can be helpful for those whose digestive problems prevent proper nutrient absorption. Vitamins are administered intravenously to guarantee maximum absorption by bypassing the digestive system. IV therapy using vein access devices can make patients more comfortable by reducing needle insertion pain. With these devices, fluid and medication are administered more reliably and safely, improving the overall patient experience.
“Advances in drug delivery systems and innovative devices will propel IV therapy and vein access devices market growth. A combination of intravenous improvements and ongoing developments in IV therapy and vein access devices.” – Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
What Are The Prevailing Opportunities In The Global IV Therapy And Vein Access Devices Market?
The increasing technological advancements in intravenous therapy (IV) and vein access and the increasing demand for advanced techniques, such as needleless administration of drugs is also vital driver for this market. IV therapy and vein access devices are used for fluid infusion, blood transfusion, administration of drugs, venous pressure monitoring, and blood sampling.
Also, rising expenditure on healthcare and an increasing number of specialty clinics and ambulatory centers will further expand the size the of IV therapy and vein access devices market in the future.
Growing government focus on advanced healthcare systems, joint efforts by supply chain executives to increase efficiency, and rising government support in developed economies is creating high potential growth opportunities for players operating in the global IV therapy and vein access devices market.
The global market for IV therapy and vein access devices is expected to witness moderate growth over the forecast period. Among the four treatment types, the Intravenous Catheters segment is expected to lead in the global IV therapy and vein access devices market over the forecast period.
Medication Administration is expected to contribute a considerable high share in the global IV therapy and vein access devices market as they are the most accessible channel.
Key Takeaways from the IV Therapy and Vein Access Devices Market:
- The IV therapy and vein access devices market generated USD 21.9 billion in 2019.
- A CAGR of 2.7% is predicted for the United Kingdom market through 2034.
- Spain is predicted to exhibit a CAGR of 4.4% over the forecast period.
- A CAGR of 3.5% is predicted for the Australia market between 2024 and 2034.
- Based on type, IV Therapy and Vein Access Intravenous Catheters accounted for 32.5% of the market in 2023.
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Competitive Landscape:
Several companies are researching and developing smart infusion pumps that can measure and adjust infusion rates in real time. Utilizing these devices improves accuracy and reduces the possibility of medication errors. The integration of superior virtual health solutions into IV treatment and vein access devices is possible with the collaboration of technology companies.
Recent Development
- In November 2023, BD (Becton, Dickinson, and Company), a global leader in medical technology, introduced integrated catheters compatible with needle-free blood drawing technology, further enabling a “One-Stick Hospital Stay.” In compliance with U.S. Food and Drug Administration (FDA), the Nexiva Closed IV Catheter System with NearPort IV Access is compatible for the first time with integrated and long peripheral IV catheters with the new PIVO Pro Needle-free Blood Collection Device.
Key Companies of the IV therapy and vein access devices market:
- BD (Becton Dickinson & Company)
- B. Braun Holding GmbH & Co. KG
- Terumo Medical Corporation
- Teleflex Medical Inc.
- Medtronic Inc.
- Smith & Nephew Plc.
- Angiodynamics Inc.
- Pfizer Inc.
- Insulet Corporation
- Fresenius SE & Co. KGaA
IV Therapy and Vein Access Devices Market Segmentation:
By Type:
In terms of type, the industry is divided into Therapy and Vein Access Implantable Ports, Therapy and Vein Access Intravenous Catheters, Hypodermic IV Therapy and Vein Access Needles, Therapy and Vein Access Infusion Pumps, Other IV Therapy and Vein Access Devices Therapy and Vein Access Implantable Ports is further classified into Single Lumen Implantable Port, Double Lumen Implantable Port.
Therapy and Vein Access Intravenous Catheters is further classified into Peripheral Intravenous Catheter, Central Intravenous Catheter, Peripherally Inserted Central Catheter.
By Application:
In terms of application, the industry is segregated into Volume Expanders, Medication Administration, Blood-Based Products, Nutrition & Buffer Solutions.
By End Use:
In terms of end use, the industry is segmented into Hospitals, Ambulatory Surgical Centres, and Clinics.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia, East Asia, the Middle East, and Africa have been covered in the report.
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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